Keyloop Acquires FISC To Integrate Automotive Finance, Expanding Its Offerings For Both Retailers And OEMs
LONDON, Sept. 28, 2021 /PRNewswire/ — Keyloop, a leading global supplier of technology solutions to the automotive industry, today announced its acquisition of FISC, a Software-as-a-Service (SaaS) finance renewals and compliance business. This is Keyloop’s fourth acquisition since March 2021, further demonstrating the company’s commitment to helping both OEMs and dealers transform the automotive retail experience.
Headquartered in Sheffield, UK, FISC is a leading SaaS provider of solutions for finance houses, OEMs and dealers that increase vehicle sales, maximise customer retention and improve profitability. Today, its products and services are being used by 14 OEMs and finance houses across over 1,700 dealers in the UK, Europe and South Africa.
FISC has two core product offerings, its sales and finance renewal systems, eMaster, and its Financial Conduct Authority (FCA) compliance and training software.
The flagship product, eMaster, combines real-time and accurate data from both the customer finance agreement and the OEM, to identify the optimum point within a contract to offer customers a new vehicle. This helps OEMs increase customer retention, build brand loyalty and generates new sales opportunities for their retailers. At the same time, their customers get a truly personalised purchase experience by receiving timely, bespoke finance offers. When they are ready to upgrade to their next vehicle, FISC’s “Key4Key” technology makes the switch easy and hassle free.
The acquisition of FISC by Keyloop builds on the acquisitions of RAPID RTC, enquiryMAX and MotorDocs earlier this year. These companies have enhanced Keyloop’s ability to support dealerships in their digital transformation journeys. The addition of FISC will allow Keyloop to extend its digital solutions to OEMs and finance houses as well.
Tom Kilroy, CEO, Keyloop, comments:
“We are delighted to welcome FISC into the growing Keyloop family to enhance our offering for both OEMs and dealerships. By making improvements across the entire purchase and aftersales journey, we will ultimately transform the overall experience for consumers and retailers alike. The acquisition of FISC is exciting because although over 90% of vehicles are purchased through a credit agreement, only 20% of these deals complete their full term. Therefore, the ability for retailers and OEMs to retain customers by upgrading their vehicle at the optimum point is truly vital. From a consumer perspective, we know that financing is a key point of friction in the car purchasing experience, and FISC’s products can facilitate a smoother, tailored vehicle upgrade process for the car buyer.
There is a thrilling future ahead for automotive retail and adding FISC to our portfolio opens up a number of other opportunities to support the ongoing digital transformation of our industry.”
Simon Young, Managing Director, FISC, comments:
“We are excited to be joining Keyloop on its mission to advance and transform the car buying and ownership experience. Our goal is to provide systems and services that improve efficiency, effectiveness and profitability, and together with Keyloop we will continue to innovate motor finance for consumers, OEMs and dealers internationally.”
Keyloop’s mission is to create and connect technology that advances the car buying and ownership experience in partnership with dealers and OEMs. It is a leading global provider of software solutions to the auto retail industry, serving approximately 18,000 dealer sites and most automotive manufacturers, in 100 countries. Headquartered in the UK, Keyloop also has operations across EMEA and Asia. For more information, please visit www.keyloop.com.
Since 2004 FISC has provided finance and insurance, compliance and training solutions to the motor industry. Its market leading SaaS products help finance houses, OEMs and dealers increase vehicle sales, maximise customer retention and improve profitability. Used by 14 motor manufacturers & finance companies, FISC systems and services are used in over 1,700 dealerships in the UK and internationally. For more information, visit https://www.fisconline.co.uk/
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